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I AgreeAnalysis of Thermochromic Materials market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The worldwide consumption of thermochromic materials is currently valued at US$ 1.73 billion, and the market is forecast to climb to a valuation of US$ 4.57 billion by 2032, expanding a high CAGR of 10.2%.
The global thermochromic materials market is poised to generate an absolute dollar opportunity worth US$ 2.84 billion from 2022 to 2032 on the back of increased application in several end-use industries, along with these thermochromic materials replacing thermos-sensors and thermometers.
Report Attributes |
Details |
Thermochromic Materials Market Size (2021A) |
US$ 1.6 Billion |
Estimated Market Value (2022E) |
US$ 1.73 Billion |
Forecasted Market Value (2032F) |
US$ 4.57 Billion |
Global Market Growth Rate (2022-2032) |
10.2% CAGR |
North America Market Share (2021) |
~26.7% |
North America Growth Rate (2022-2032) |
~9.6% CAGR |
U.S. Growth Rate (2022-2032) |
~9.6% CAGR |
Market Share of Top 5 Companies |
~18% |
Key Companies Profiled |
|
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Thermochromic materials are majorly used as temperature indicators in several industrial sectors, which helps in determining temperature variation and reaction heat in chemical reactions, and also to measure the distribution of temperature of chemical heating apparatus such as heat exchangers, reactors, etc., coupled with indicating temperature variation in containers for chemicals, storage vaults, and dangerous goods.
For instance, in the feeding process, adding plastic extruders and thermochromic materials can be of some help in judging the feeding temperature and fulfilling processing requirements.
Also, a wide range of temperature-sensitive paints can easily be applied for indication, monitoring, and warning of temperature for industrial production.
These materials are also being used in food packaging products, boding well for on-the-go food packaging manufacturers.
Fact.MR projects the thermochromic materials market to exhibit growth at 10.2% CAGR between 2022 and 2032 as compared to the CAGR of 8.5% that was recorded from 2017 to 2021.
This graphic portrays market share analysis of type, end use, and region in a nutshell. Under the type segment, irreversible thermochromic materials dominated the market by holding a 52.9% share in 2021.
“Thermochromic Materials Quickly Replacing Thermo-sensors & Thermometers”
Thermochromic coatings are replacing thermos-sensors and thermometers in several industries. Thermo-sensors and thermometers are getting replaced to map temperature in an environment where it is impossible to insert electrical wiring.
In defense and aerospace industries, these coatings are used to map the temperature gradient of an operating engine, fueling thermochromic materials market growth by 1.2X over the assessment period.
Other fields call for the use of these materials to act without electricity, for the storage of sensitive materials for industrial maintenance. Also, they are used for entertainment applications; for instance, erasable ink, which changes color and becomes transparent. It is used to decorate hair and nails, and also fun objects such as mugs, coffee cups, etc.
“Packaging & Textile Sectors Account for High Thermochromic Material Demand”
The use of thermochromic materials is anticipated to rise with enhanced application in the packaging and textile sectors. They are being used to simplify the detection of instances of security breaches in the labeling and packaging of goods.
There is rising evolution of chemical heating apparatus coatings, such as heat exchangers with thermochromic material-based paints. This is done to indicate the temperature of chemical reactions and stored chemical goods.
“High Price of Thermochromic Material Coupled with Certain Disadvantageous Properties”
Thermochromic materials have the disadvantage of being highly-priced and having low color density. Other major pitfalls often witnessed are sensitivity to ultraviolet, limited thermal resistance, low coloring power, toxicity of certain elements components, and loss of properties during the formulation or industrial process.
These are the main factors that will hamper thermochromic materials market demand by 0.5X during the forecast years of 2022-2032.
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“Global Thermochromic Materials Market Led by North America & Europe”
The North America thermochromic materials market accounts for the largest market share of 26.7%. The North American market is projected to witness a 9.6% CAGR during the forecast years.
The Europe thermochromic materials market holds a 24.4% market share and is projected to register a 11% CAGR, which is higher than any other region during the assessment period.
Market growth in these regions is attributed to factors such as demand for thermochromic materials from multiple end-use industries such as printing and coatings, packaging, etc., which are growing rapidly and contributing to high demand growth.
“Rising Infrastructural Activities & Surging Demand for Packaged Products Driving Regional Market Expansion”
The Asia Pacific thermochromic materials market, comprising the East Asia and South Asia & Oceania thermochromic materials market, together holds 37% of the overall market share.
The East Asia thermochromic materials market and South Asia & Oceania market are expected to expand at 9.9% and 10.5% CAGRs, respectively, during the study period of 2022-2032.
The rise in infrastructural activities and escalating demand for packaged pharma blister packaging products, are anticipated to propel the consumption of thermochromic materials in these regions over the coming years.
“Irreversible Thermochromic Materials Witnessing High Demand Growth”
The thermochromic materials market under type is segmented into irreversible and reversible thermochromic materials. Irreversible thermochromic materials hold a high market share of 52.9%.
However, both segments are projected to register high demand growth at 10.5% and 9.9% CAGRs, respectively, during the forecast years. Owing to irreversible thermochromic materials being extensively used in textile, medical, packaging, security ink, and other coating applications as they change appearance when exposed to diverse temperatures and the color remains unchanged upon reaching the activation temperature, the segment is set to see high demand growth going forward. This segment is also witnessing an increase owing to the enhanced application of these materials in medical uses.
“High Irreversible Thermochromic Material Usage in Printing & Coating Applications”
Under end use, the thermochromic materials market is segmented into printing and coatings, packaging, medical, textiles, and other end uses.
Amongst them, printing and coatings dominate the market by holding a 31.3% market share, and the segment is projected to surge at 11.1% CAGR during the assessment period. This end-use is a fast-growing industry for thermochromic materials because of the significant demand escalation in thermal paper for POS systems. Its usage is gaining momentum for interactive packaging, thereby encouraging consumers to use the product.
The next leading segments are packaging and medical, which hold 27.5% and 21.7% market shares, respectively, and are predicted to register 11.1% and 9.6% CAGRs during the forecast period.
These segments are likely to witness tremendous growth opportunities owing to technological advancements and innovations in security and defense equipment such as helmets, aircraft, vehicles, body armors, etc.
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Manufacturers are focusing on incorporating innovation and product modernization. They are also introducing reversible thermochromic materials, which are a combination of color developers, leuco dyes, and melt materials, and are microencapsulated by being blended.
Key market players are focusing on product development, such as using them in sports and cosmetics as a strategic approach to gain an edge over their competitors, and thereby widen their consumer base and enhance their revenues.
For instance :
Fact.MR has provided detailed information about the price points of key manufacturers in the thermochromic materials market positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The global thermochromic materials market is estimated to be worth US$ 1.73 billion in 2022, and climb to a market valuation of US$ 4.57 billion by the end of 2032.
Over the 2017-2021 historical period, global consumption of thermochromic materials increased at 8.5% CAGR.
Some of the prominent players operating in the thermochromic materials market are Matsui International Co. Ltd., LCR Hallcrest, Chromatic Technologies, and Smarol Industries Co. Ltd., Olikrom.
North America is the largest thermochromic materials market, accounting for 9.6% of the global market share in 2022.
Irreversible thermochromic materials hold a 52.9% share in the global sales of thermochromic materials.